Hackettstown, New Jersey Property Taxes
The median property tax rate in Hackettstown, NJ is 3.48%, significantly higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Hackettstown at $246,800, the typical annual property tax bill reaches $8,102, far exceeding the national median of $2,690. Property taxes in Hackettstown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hackettstown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hackettstown or another part of Warren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hackettstown, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.48%
Estimate Property Tax Bill
$8,589
$7,970
Ownwell’s Hackettstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hackettstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hackettstown to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hackettstown, New Jersey
Property taxes in Hackettstown, New Jersey, are essential in funding critical local services such as public education, road maintenance, and emergency services. The median tax rate in Hackettstown is 3.48%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hackettstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hackettstown estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Hackettstown's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hackettstown Tax Rate
3.48%
Average Warren County Tax Rate
3.47%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hackettstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07840 | 3.10% | 3.26% | 3.48% | 3.51% | 3.63% |
Source: Ownwell
Property Tax Assessment Values Across Hackettstown, New Jersey
In Hackettstown, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by Warren County for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hackettstown, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hackettstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hackettstown are both $8,102 in the 07840 zip code.
Property Tax Assessment Values Across Hackettstown, New Jersey
Source: Ownwell
$139,000
$278,450
$417,900
Average Hackettstown Assessed Value
$246,800
Average Warren County Assessed Value
$207,000
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hackettstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07840 | $139,100 | $184,500 | $246,800 | $310,100 | $357,000 |
Source: Ownwell
Property Tax Bills Across Hackettstown, New Jersey
In Hackettstown, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For homeowners in Warren County, the median home price stands at $246,800. Property taxes here are significantly higher than the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $6,260, while the 75th percentile tax bill reaches $10,448. The 90th percentile tax bill can go up to $12,270, reflecting the substantial financial commitment required from homeowners. The tax bill is influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions. For Hackettstown, the highest and lowest median tax bills both stand at $8,102, indicating a consistent tax rate across different properties within the 07840 zip code. This high property tax rate can significantly impact homeowners, affecting their overall financial planning and the affordability of maintaining their homes in this region.
Average Hackettstown Tax Bill
$8,102
Average Warren County Tax Bill
$6,901
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hackettstown, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07840 | $4,736 | $6,260 | $8,102 | $10,448 | $12,270 |
Source: Ownwell